The funding of Statutory Audit fee aims to help small co-ops with auditing needs so that they are able to conduct their Annual General Meeting (AGM) in a timely manner and to comply with the regulatory requirements.
Funding will be awarded to co-ops with total revenue/income up to $1 million, have submitted their audited financial statements and conducted their AGM within six months from their financial year-end.
Funding will be based on co-payment basis as follows except for Secondary Schools and Junior Colleges:
- Funding at 80% of the audit fee, capped to max. of $1,000/-.
- For co-ops which are using the Shared Bookkeeping & Accounting services, funding at 80% of audit fee, capped to max. of $1,200/- .
- For Secondary Schools and Junior Colleges, funding at 100% of audit fee, capped to a max. of $1,000/-.